Northbrook, IL -- (SBWIRE) -- 03/26/2018 -- Functional safety is the critical part of the overall safety of a system that emphasizes on the safety of programmable electrical and electronic systems and related software. Functional safety-certified systems are widely adopted in the process and discrete industries for proactive safety and security purposes. On the basis of system, the functional safety market has been segmented into safety instrumented systems and industrial control systems.

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Safety instrumented systems (SIS) have been further segmented into emergency shutdown systems (ESD), fire and gas monitoring control, high-integrity pressure protection systems (HIPPS), burner management systems (BMS), and turbomachinery control (TMC); and industrial control systems have been subsegmented into supervisory control and data acquisition (SCADA) systems and distributed control systems (DCS).

The functional safety market is expected to be valued at USD 7.19 billion by 2022, growing at a CAGR of 8.2% between 2017 and 2022. The market for fire & gas monitoring control is expected to grow at a high rate during the same period. By implementing functional safety-certified fire & gas monitoring control, plants can meet their safety and critical infrastructure protection requirements. The IEC 61511 and ANSI/ISA standards are increasingly being followed in various process industries such as oil & gas, chemical, and power generation, thereby contributing to the high growth of the market for fire & gas monitoring control.

Siemens AG (Germany), Rockwell Automation Inc. (US), ABB Ltd. (Switzerland), Schneider Electric SE (France), and Emerson Electric Co. (US) are some of the major players in the functional safety market. The other prominent players in this market include General Electric Co. (US), Honeywell International Inc. (US), HIMA Paul Hildebrandt GmbH (Germany), Endress+Hauser Management AG (Switzerland), TUV Rheinland (Germany), Omron Corporation (Japan), and Yokogawa Electric Corporation (Japan). Product launches and developments, expansions, contracts, agreements, acquisitions, and partnerships are the key strategies adopted by the major players to gain a competitive edge in the market.

Siemens AG offers diversified safety integrated solutions for factory and process automation. The company focuses on developing innovative safety solutions for the process and discrete industries. It has a strong portfolio of SIMATIC safety solutions for the process automation industry. The company primarily focuses on product launches to offer technically advanced products to its customers. Siemens concentrates on entering the innovation-driven growth markets by designing innovative solutions. For instance, in 2017, the company launched the Scalance XF204-2BA, a flexible Profinet switch for use in hazardous areas. In addition, the company's Simatic PCS 7 process control system received a functional safety certification from TUV SUD (Germany). Siemens is the first company to receive security certification from TÜV SÜD (Germany) for an automation system based on cyber-security functional safety standard IEC 62443.

Rockwell Automation Inc. manufactures and provides an entire range of functional safety products. It has a wide market presence and a diversified product portfolio. Significant R&D capabilities enable the company to develop innovative products, which helps it remain at the forefront of its respective businesses and differentiate its offerings in the highly competitive market. The company has been focusing on organic growth strategies such as new product launches and developments to grow in the market. For instance, in March 2016, the company launched Allen-Bradley Compact GuardLogix 5370 controller. The Compact GuardLogix 5370 controller meets the requirement of machine safety standards with SIL 3 rating. In addition, the company focuses on inorganic growth strategies to develop its capabilities to serve the distinct markets across the globe in a better manner. For instance, in April 2016, the company collaborated with Cisco Systems, Inc. (US) to enhance its industrial cyber security-related services.

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ABB Ltd. offers a diversified range of functional safety products, engineering tools, and services for the process and discrete industries. The company's machine safety products and solutions include safety drives, robots, safety PLCs, and safety controls. In process safety, it provides plant safety systems, safety critical instruments, safety motors, and process safety management software. ABB focuses on the strategic acquisitions of companies beneficial for its growth. For example, the acquisition of Bernecker + Rainer Industrie-Elektronik GmbH (Austria), in 2017, enabled ABB to expand its safety-related product portfolio for industrial automation. In 2016, the company launched the Jokab safety sentry family of safety relays for monitoring devices such as emergency stop buttons, door switches, and light guards. In addition, ABB Inc. (Canada) received the certification for functional safety management system (FSMS) delivery, implementation, operations, and maintenance.

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